Hi,
I have recently started v-logging on youtube and my sign in name is cryptomartey. Todays article is on the top 10 mistakes new entrants in the cryptocurrency market make.
10 - Keeping money on exchanges
A lot of new entrants buy a lot of crypto currency, but due to lack of understanding of crypto security , they store all their investments on exchanges. These run a very high risk of being hacked and so almost 85-90% of their portfolio should be kept in Hardware wallets like Trezor or Ledger nano or if that is too costly, at least an offline wallet like my ether wallet or exodus.
9 - Not Diversifying
Noobs or new entrants dont diversify enough and so invest a lot of money in small cap coins which they believe will make them insanely rich. There have been so many cases of people investing in crap coins like Paccoin "just because it was at 1 sat value"" and have lost a lot.
Succumbing to greed
100X, 200X, 1000X...Magic numbers right...How does a negative 90% sound them. Coins which promise insane gains, also run the risk of making you insanely poor. When you do get the elusive 4x or 5x, cash out your seed money + 100% profit. let the remaining coins give you those dreamy gains
Forgetting to put a 2FA
This along with mistake number 1 is like drunk driving with your eyes closed. 2FA is a key on whichever exchange/account/wallet you own. Use google authenticator.
Staying away from scams
"I am Mr Nigel and I can turn 1500 USD to 20000 USD in one week. Give me your money and Ill make you rich"
Stay away....miles away from such scamsters. They take your money and do nothing but flee.
Investing in Cloud Mining schemes
A lot of cloud mining schemes like GB money / Hashflare who promise guaranteed returns in 12-18 months are all MLM schemes and will only pay you till your downline is generating income. Dont get robbed by investing in such schemes.
Trading compulsively
There is a famous quote "I don't gamble anymore....I trade cryptocurrencies"
Crypto day trading is online gambling and when emotions get the better of you, it ruins all chances of profit. Like gambling, even here, only the house wins and so it makes sense to invest in Mid-Long term coins with solid fundamentals
Investing in HYIPs
Below is a link of HYIPs that promise insane returns - to the tune of 3% per day (https://btcmanager.com/hyip/). Pls dont even bother sending your money here. its a 100% - no return scheme
Sending the wrong tokens to the right addresses
Ever sent an Ether to a wrong address. It happens to most of us, so we need to check addresses carefully ad send the tokens to the right addresses
NOT DYOR - Doing your own Research
Guys, we all believe in some coins. But not necessary all coins go up. There is a dearth of knowledge aquisition in the crypto world, but I urge you to do research, invest in solid projects and not blindly believe youtubers, shills, ads that guarantee 100x/200x returns.
This is all I have for now. Below is the link to the video if the text is too drab
